Fee Protection Scheme
Chartered Institute of Technology (CITECH) confirms and undertakes to the student that we have in place a Fee Protection Scheme (FPS) as stipulated by the Council for Private Education (CPE) by way of an escrow account and insurance scheme. We have appointed The Hong Kong and Shanghai Banking Cooperation as the Fee Protection Scheme provider for students.
CITECH undertakes to the student that as stipulated under the FPS, CITECH shall collect fees of not more than 6 months in advance.
WHERE FPS IS IN THE FORM OF ESCROW ACCOUNT:
A copy of the master escrow agreement between Council for Private Education, DBS Bank Ltd, The Hong Kong and Shanghai Banking Corporation Limited and Standard Chartered Bank (the “Master Escrow Agreement”) is available for your reference. The Master Escrow Agreement sets out, among other things, the details upon which the Private Education Institution shall establish an escrow account with DBS Bank Ltd/HongKong and Shanghai Banking Corporation Limited/ Standard Chartered Bank* (the “Escrow Account” with the “Escrow Bank”) for the purposes of receiving payment of the Student’s Fees and the circumstances in which the amounts in the Escrow Account shall be payable to the PEI and/or the Student.
WHERE FPS IS IN THE FORM OF INSURANCE FACILITY:
A copy of the master insurance agreement between Council for Private Education, The Hong Kong and Shanghai Banking Corporation Insurance and Lonpac Insurance Bhd (the “Master Insurance Agreement”) and is available for your reference. The Master Insurance Agreement sets out, among other things, the events under which The HongKong and Shanghai Banking Corporation Insurance shall indemnify the Student for Fees paid to Chartered Institute of Technology.
A copy of the “Master Escrow Agreement” and “Master Insurance Agreement” is hereby attached for your reference.
For more information about Fee Protection Scheme, students may wish to visit the official Council for Private Education's (CPE) website www.cpe.gov.sg
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